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Paul Farrell: "Fed Dictator Bernanke Needs To Be Toppled"
- Alan Greenspan
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This must read Paul Farrell piece has to be recreated in its entirety.
Via MarketWatch
Fed Dictator Bernanke Needs To Be Toppled
Fed boss Ben Bernanke is the most dangerous human on
earth, far more dangerous than Hosni Mubarak, Egypt’s 30-year dictator,
ever was. Bernanke rules a monetary dictatorship that will trigger the
coming third meltdown of the 21st century.
But this reign of economic terror will end.
Just as Mubarak was blind to the economic needs of the masses and
democratic reforms, Bernanke is blind to the easy-money legacy that’s
set the stage for revolution, turning the rich into super rich while the
middle class stagnates and peanuts trickle down to the poor.
Warning, Egypt also had a huge wealth gap before its revolution.
Bernanke is the final egomaniac in America’s bubbling 30-year wealth
gap, where the top 1% went from owning 9% of America’s wealth to owning
23% during this dictatorship.
Bernanke’s ruling ideology is the culmination of a 30-year economic war
that has forged together Reaganomics for the super rich, former Fed
chairman Alan Greenspan’s toxic allegiance to Wall Street, the extreme
Ayn Rand’s capitalist dogma, culminating in the toxic bailouts of
Treasury Secretaries Hank Paulson and Tim Geithner, two Wall Street
Trojan Horses corrupting government from within.
Since 1981 this monetary dictatorship has caused enormous collateral
damage, systematically sabotaging democracy, capitalism and the American
dream while fueling the rise of our most dangerous new enemy, China.
See “Secret China war plan: trillions in U.S. debt.”
When Obama reappointed Bernanke a couple years ago, “Black Swan’s”
Nicholas Taleb was “stunned.” Bernanke “doesn’t even know that he
doesn’t understand how things work,” that Bernanke’s economic methods
are so inadequate they make “homeopath and alternative healers look
empirical and scientific.”
We called Bernanke, the “Captain of the Titanic,” warning that he was
setting up the third meltdown of the 21st century, predicted by
“Irrational Exuberance’s” Robert Shiller, a coming crash worse than the
2000 dot-com crash and the subprime credit meltdown of 2008 combined.
See “Capt. Bernanke sinks the U.S.S. Titanic.”
Inside the Fed: Cassandras, Chicken Littles, governors crying wolf
Unfortunately, as with Egypt’s dictator, the 30-year dictatorship now
headed by Bernanke must end soon: And this class war will not be pretty.
But it is no black swan; no one can claim they didn’t see a new crash
coming.
For several years before the 2008 meltdown we reported on money
managers, economists and financial gurus warning of a coming meltdown.
They included two Fed governors who warned Greenspan in the early Bush
years. And yet, as late as summer 2008 Bernanke, Paulson and Greenspan
were systematically dismissing mounting evidence of a mega crash dead
ahead.
That’s why Time magazine’s cover story about Thomas Hoenig, president of
the Federal Reserve Bank of Kansas City, grabbed me. David Von Drehle’s
“The Man Who Said No to Easy Money” is a warning to all America.
Like Ed Gramlich and William Poole, the two Fed Governors who warned
Greenspan during the Bush years, Hoenig regularly dissented from
Bernanke’s easy-money policies that have been favored by Wall Street
throughout this 30-year dictatorship.
We’re paraphrasing Drehle’s interview with Hoenig as 10 warnings because
it brilliantly reveals the broader historical tragedy of the Fed’s
30-year monetary dictatorship driving America to the edge of another
1930s economic revolution, one that will be triggered by a repeat of the
1929 wake-up call.
1. Commodity price inflation will soon end the Fed dictatorship
Hoenig consistently “cast his lonely ballot against the indefinite reign
of easy money. Eight meetings, eight no votes … an unyielding point of
view, one that has become ever more relevant now that rising commodity
prices have put inflation worries back on the economic radar screen.”
In short, global commodity inflation may soon do what Hoenig could not,
put an end to America’s self-destructive easy money reign of economic
terror, and more importantly finally end the Fed’s 30-year “monetary
dictatorship.”
2. Central bank dictatorship destroying America’s democracy
Hoenig was America’s lone voice against the Bernanke monetary
dictatorship, says Drehle: “For all the headlines over the past
quarter-century about the death of American manufacturing and the
twilight of community banks and the vanishing farmer, those humble
building blocks of a sound economy still figure significantly in
Hoenig’s perspective. The way to strengthen them … is not by pumping
money into a financial system that encourages megabanks to engage in
high-risk speculation. You build them up by encouraging savings, which
form capital for investment, which builds stronger businesses, which
hire workers and pay dividends, which leads to more savings and more
investment.”
3. Near-zero rates, banks richer, masses poorer, meltdown
Honenig’s opposition to Bernanke dictatorship is also clear, says
Drehle: “By keeping interest rates near zero indefinitely, the Fed is
asking savers to continue to subsidize borrowers. What incentive is
there to save and invest?”
Earlier in his long career, Hoenig was heartsick as an “irrationally
exuberant Alan Greenspan kept piling so much money onto the economic
bonfire that led to the Great Recession” in 2008. Now the “time’s come
to start sobering up.” Except Wall Street’s addicted to easy money,
won’t sober up.
4. Easy money blowing new speculation bubble … pops soon
“This is how bubbles are formed,” warns Hoenig, whose long career as
president of the Kansas City Federal Reserve Bank made him leery of the
power buildup by the central banks monetary dictatorship. So again,
“rocketing land and energy prices are telltale signs … too much money
sloshing around. When you put this much liquidity into the system, it
has to go somewhere.”
But with the Fed keeping interest rates near zero, easy money won’t go
into savings. Instead, “money starts chasing assets with higher yields —
like land, the once again booming stock market and energy” and “as more
money joins the chase, asset prices rise and keep rising until … pop,” a
new meltdown.
5. Bernanke’s narcissistic illusion of monetary power
The Fed has too much power: Hoenig “watched uncomfortably as the central
bank began playing a larger and larger role in the public’s perception
of the economy. Monetary policy came to be seen as the solution to more
and more economic issues. It has been used to deal with one crisis after
another,” stock .market crashes, recessions, the tech bubble, after the
9/11 attacks, during the Iraq war, then the 2008 meltdown.
Hoenig warns against the Fed’s power: “People came to feel that all you
had to do was ease interest rates and everything would be fine. But
that’s what gives us these bubbles.”
6. Easy money fueling worldwide inflation, and a new meltdown
Yes, Hoenig’s an inflation hawk: “The sequence of events that led to
runaway inflation in 1979 got started back in the mid-1960s. That’s …
long term.” Drehle captures the shift in Hoenig’s position: At first
backing “the Fed’s dramatic actions in 2008 and 2009 to pour trillions
into the staggering financial system.”
But now it is time to stop. As easy money chases higher returns across
the world, in places like Brazil and China, Hoenig warns that “inflation
is rising sharply. Global food prices have risen 25% in the past year,
according to the U.N., and many nations are starting to hoard
commodities.”
7. Fed policies favor the rich, sabotaging American Dream
In favoring Wall Street bankers, Bernanke’s monetary dictatorship is
clearly feeding the conditions that, as happened in Egypt, will ignite a
class war in America: “The poorest 60% of American households spend 12%
of their income on energy alone, compared with the 3% spent by the
richest 10% … Inflation is so unfair … it is the most regressive tax you
can impose on the public … eroding the buying power of the poor and
people on fixed incomes. The people who have money and are savvy come
out ahead. In fact, they end up stronger than before.”
8. Unfortunately, the Fed learned nothing from the 2008 crisis
A lot more than the Fed’s toxic alliance with Wall Street bothers
Hoenig: America “learned little from the crisis … government policy
continues to smile on Wall Street but not on Main Street. Instead of
breaking up the financial giants whose gambles crashed the economy, the
government has let the biggest banks grow even bigger. Now they’re
gorging on free money.”
9. Market economy? A joke, big-money lobbyists run America
Remember folks, 20 years ago in the S&L bank crisis 3,800 bankers
were jailed. This time? Wall Street robbed us, got away with it, are
still robbing us. Hoenig asks: “Where’s the penalty for failure? … We
don’t have a market economy.” American capitalism is now “crony
capitalism … who you know, how big your political donation is.”
10. America must end easy money, add new Glass-Steagall
What would Hoenig do as Fed chairman? “High savings rates, low leverage
and a strong currency.” Finally, Drehle says Hoenig would bring back the
Depression-era Glass-Steagall rule that barred commercial banks from
taking excessive risks. He would reduce government debt and promote a
manufacturing revival, but it won’t be easy, there is no painless
approach.”
Unfortunately, none of this will happen until America gets hit over the
head by brutal wake-up call, like 1929 and the Great Depression 2. Until
then, the 30-year monetary dictatorship now headed by Bernanke will
keep pushing its self-destructive easy-money policies, ignoring the
warnings of Thomas Hoenig and all of the other Cassandras, Chicken
Littles and Americans Crying Wolf, over and over again.
»
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i hardly think screeching monkeys with sticks present much of a threat to intergalactic time traveling space lizards.
The Atlanteans were a more human type giant intergallactic species, they were the ones I was referring to. :)
the devil went down to georgia
http://www.frbatlanta.org/
The Last Battle is coming. We are on our own this time.
Sigh, wrong.
Bernanke is just another stooge in a long line of stooges. Man gets his marching orders and is a good little soldier nothing more. If we was replaced the game would not change. So long as the Fed as the monopoly over money this will continue no matter who we throw tomatoes at. The Fed is the enemy not the smiling face at the helm.
Also like blaming capitalism, news flash Farrel, haven't had it in some time. Just because Greenspan used to be a Randian means nothing. People change. It would be like if a serial killer went to a catholic church as a kid and then claiming "See the Catholic Church supports serial killers!". To any thinking person it would be absurd on it's face, but more propaganda is spewed out.
A lot of what he says is correct, but it places the blame largely at one man's feet and it blames capitalism which has nothing to do with the system we have.
Bingo.
He lost me after the Rand crack. Central banking, fiat currencies, and crony capitalism are completely and unequivocally anathema to anything she ever proposed or advocated. I mean, you really couldn't make a more incorrect statement or comparison. It reduces the impact and credibility of the entire rest of the article, which is not that bad.
Who could afford to throw tomatoes at him at $2. a pound. Maybe that is why he has caused food inflation to avoid a tomatoe in the face.
End the Fed !!!! BB is terrible, but AG was probably worse. Absolute power corrupts absolutely.
I find it incredibly ironic how Obama came into office with a message of "spreading the wealth" and was adored by the lower-income masses. However, on his watch, the gap between the rich and poor has only become larger...yet the poor will still vote for him because they think he's helping them.
People in general are cattle. Not only Americans, but all the peoples of the Earth. This is not all that surprising, look at how we are brought up. We are lied to from the day we are born and by and large indoctrinated into a system to believe what we are told and accept it as if it came from God. The lie becomes a part of who we are, and even if we see the truth it's hard to break away because of social pressure. Those who are still living the lie will resist any attempts to be woken up and will lash out at those trying to help them.
Con men rule the world because the nature of man, they just exploit it. The abused always turns to the abuser for help. The more people are abused the more they will look to the abuser. The system only break when it get comically corrupt and top heavy, then the cycle starts anew.
people are dumber than cattle. When farmers try to feed cows genetically modified corn, they reject it
exactly Shameful, it's just one big ugly cycle. The only difference I see is the scale. The control, the damage and the utimate backlash will be global, unlike anything we have ever seen.
Good stuff along the same vein.
http://www.youtube.com/watch?v=TVjIR_oai-A
you break the cycle when you bin Govt... it's the ratchet of the parasites and everytime it fails, which is inevitable with any central (monopoly) power structure, we re-build it for the same ponzi scheme to be resurrected... so save us from Big Govt and the Tea Parties idiotic call for "small govt" .....the answer is No Govt, let's not be fooled again
Now your talkin!
Only way to be free is break the chains. But sad reality is people are in love with their servitude. They could not imagine a world without Big Daddy telling them what to do. Not only do we face the ruling oligarchy but those that are in love with the system they have made.
I'd be happy to take small gov now and keep fighting for no gov, at least small gov would give us breathing room as it took time to swell into the monster it is today. The bureaucracy must always expand to meet the needs of the expanding bureaucracy.
+++++++++
I was in my late 40s when I began to understand the lies. It was (and still is!) very depressing---yet another reason people will resist any and all attempts to wake them up. I have lost many friends whom I've tried to help. They think I'm certifiably crazy.
It's selfish to try to force people awake. We cannot offer any real hope, just to wake up from the dream to live in the nightmare. I've taken to placing out a few facts, looking at the response and then going from there. If a person is really to wake up I'll get a sense of it based on how they respond. Most people want to stay asleep. Hell in one instance a few weeks ago I had a small group all parrot that "I wish you hadn't told me that...I wish I could take the blue pill", over what seemed to be pretty minor to me. Honest to God one of the guys said that and others gave verbal agreement. They clearly were not ready.
It can be painful to watch people destroy themselves, but we have to respect their free will. They are free to march into the abattoir, just as we are free to march our lonely road.
Shameful
the answer is an online petition (my best answer to date anyway!) where those that have the common sense and historical perspective of the abject failure of Big Govt sign up to not wanting anything to do with a new ponzi scheme once this latest sack of shit implodes in its own debt and corruption.... then the Tea Party muppets that want to resurrect small govt are crystal clear some of us do not give our democratic consent to a new ponzi scheme.
The time is approaching, 3-5 years, when the shit hits the fan and big change will be on the agenda... time aplenty to prepare our case and gather support
GreenSideUp
it is the nature of all fundamental change that the people who see that change first will always but always be seen,as you say as, "certifiably crazy". See Peter Schiff calling a housing bust in 2005 or a host of other such 'nutters' calling a credit/debt bubble. Imagine being the first to call the Earth round when all believed it was flat... we have far less flack than many before us in history!
No matter how many flat Earthers, keep the debate going round and make a new circle of like-minded friends :)
The SYSTEM needs to be toppled my friend. Toppling Bernanke would do absolutely NOTHING. Are you serious?
Talk about missing the boat, it's rigged the whole thing is rigged. You think Egypt isn't happening in strict accordance to what the people with money want? Wake up.
Welcome to the being included on the list of enemies of the state, Paul Farrell. Say, "Hi!" to snow storms and the blogosphere for me.
Bank stocks still creeping up. No shorting for me until these turn down.
shorting? i thought you told the board over the weekend never to fight the federal reserve city hall. so now you're telling us that you're gonna fight the federal reserve city hall and short. guess you believed in not fighting city hall before you believed it's ok to fight city hall.
i guess it's a girls right to change her mind.
You totally misread that. Try again.
respectfully, i understand exactly what the catfish is saying, which is exactly 100% opposite from what he said was prudent to do over the weekend which is: never, ever, never, never fight the fed and short the market. btw: the post this past weekend robo made was opposite the post he made the prior weekend.
don't take my word for it. look it up for yourself. the poster known as robottrader makes a mockery of his own posts literally from day to day, if not post to post.
Well, I guess Robo is right Banks up, FDX up market wants to go up....nuts but true....I mean FDX warns and it goes up......stocks are on a parabolic ride higher...no matter what!!!
Robo,
Get ready then. As for right now, the JP Morgue is today's prop for the DOW. It's double top is at hand. Once the algo's get hold of the need to reverse, the underlying shares of your favorite financial short will be heading South at speeds too quick to catch.
The last and the worst [and in this case, the most corrupt] sector is always the last to rise...when corrections are at hand. Unless there is some major financial surprise springing from the waiting wings, the reversal is already foretold.
All good points, although painfully obvious by now, especially to clever ZHers. :)
Here's the trouble in a nutshell: Trickle Down Theory didn't pan out. That's the kind way of looking at it because it presumes that the architects weren't just thieves trying to exploit Americans for their own greed. I personally believe that there were dupes who "innocently" believed it would work. But that was the minority. Bottom line it was an economic policy of the powerful by the powerful and for the powerful. There really weren't too many rich and powerful dissenters during the 30 years where the theft took place.
More importantly, where do we go from here? Unfortunately the options are limited by the fact that the theft involved putting the Treasury in a position of struggling to maintain debt payments for years to come It also resulted in the near-nationalization of Wall Street, banks and other financials in the wake of the crisis. It also gave a final push over the cliff to globalization with offshoring of major industries and profit centers.
I've been saying it: CHina and the US are fated to dance a tango for the foreseeable future as they struggle to keep their respective dysfunctional economies afloat. And as a result both systems will drift toward common ground and will evolve to resemble each other more and more: China will liberalize its economy, the US will drift toward central planning. We can expect a tighter government grip on certain industries, markets and areas of public concern like education, healthcare and retirement.
DOWN WITH MU-BERNANKE (and mu-Barack)!
I can truly image a horrific scene...Assuming Ben goes down in history as the person who destroyed the world and how can he not???
but I can see widespread riots and his head on a pole above dancing fools in our former Capital Washington.
The only freedom left is to hold physical PMs and a pump shotgun to defend yourself from the marauders. The whole Obama/FED agenda is the NWO and a new currency; the meltdown in 2008 gave the elites the excuse to push the plan forward by at least a decade. They're planning for the US military to be the security force. Connect all the dots with UN resolutions, IMF pronouncements, etc. My only question is how they are going to get China to agree on the master plan.
Oh and stop calling it "The Stock Market"! It's "The Stock Borse" !!! And you will like it, yes?
I have to say, some of the best CNBS segments and interviews I've seen in a very, very long time have been today about the NYSE merger. You can finally sense the anger, and the disgust. As the Donald said, it;s another black eye to the US. And yes, post merger there's a chance that the NYSE will be closed if it doesn't perform.
Caviar, Germany (rather the IIIrd Reich won WWI and II). Only the German people lost.
Their loss was smoke and mirrors to set up where we are today. CIA is their most overt power-base as is NASA. They pretty much control Sud America....the US is just the foot soldier.
Did folks kknow that English is considered a Germanic language? It's true.
Or such is how I see it anyways.
ORI
http://aadivaahan.wordpress.com/2010/06/14/know-thy-self/
With 60% ownership Germany could sell it to China or the IMF if they wanted to. Nothing we could do about it. They also could close operations in NY and the floor and move it over to Germany if they wanted. This could leave America without a stock exchange.
Money earned could be earned in Germany and avoid US taxes. The money could then be retained by the German Banks and not the US Banks. Have they really thought this out?
Also heard a comment that they could change the structure. No more HFT frontrunning or trade rebates.
a) is the NYSE depreciated out?
b) is the NYSE full of obsolete (serious need of replacement) equipment?
c) could another be opened under another name/ownership, with all new equipment?
Just trying to figure out if there is an alternate reason for this...
Mr. Farrell-the entire system of govt is corrupt to the core, not just the Fed. They don't represent or serve the people; there are no business ethics or morality and certainly no equality or fairness and tolerance only means to tolerate further injustice to the middle class who is made to feel grateful they even have a job. This cancer of complicit, crony capitalism has terminally infected it's host-middle class America.
Throwing this out here for consumption: http://www.wyff4.com/news/26869611/detail.html
SC wants new currency. (Atleast one senator does)
BTW: I sent him a personal email applauding his actions, it's a start. You should email him as well, SC citizen or not. LeeBright@scsenate.org
Jeepers, nobody pays any attention to what goes on in North Alabama - that sad appendage of which North Carolina is properly ashamed.
It's the Evil Tribe he belongs to that is the REAL problem! We need to get this evil tribe out of government, the media and finance. America's REAL enemies are the Rothschilds and in Tel Aviv.
societies real enemy is "democratic Govt" ... it is the monopoly system by which the parasites you mention, and many more, use to fund and empower themselves using society ...kill the government and you neuter all the parasites
When I was growing up, actors were the lowest form of life. Now they are gods.
So true and such a sign of the times.
ORI
January Retail Sales: The "Real" Consumer Economy Remains in Depression
http://www.dshort.com/
There has always been corruption and manipulation. I really don't care what it is that is driving stocks up or down.
Success as a trader is to just stay on the right side of the tape.
It really isn't that hard.
Nobody can pick exact tops or bottoms, but basic momentum following can allow you to catch 80% of the move by watching specific sector strength or weakness that confirms a trend change.
Right now, retail and banks haven't broken down yet, so I'm still hanging on to the few longs I have left.
well apparantly for you old catfish mouth robo it's hard to stay on the right side of the tape. you tell us there's no breakdown, and it's all good. yet you have only a couple of longs? odd, that. then you tell us emphatically that the gold and silver rally was over, finished, done, caput - and to deal with it. odd, that, given the last two weeks.
so if all is good then why a measely few longs, step up catfish, and get in the game unless you don't believe your own posts.
so yet again, another contradictory post from the fish with more mouth than brains.
Bernanke is not the Fed. The Federal Reserve is a small group of international bankers who control every aspect of monetary policy for the United States and other nations. Like Volcker, Greenspan and Hamlin (the first Fed chairman), Bernanke is the towel boy for the Rothschilds, the Warburgs, the Rockefellers, the Goldmans…. No single decision is made by Bernanke without their instructions and approval. The appointments by the President of the United States, the voting by the Fed governors on policy issues and the testimony that Fed chairmen provide to the Congress are all window dressing for the iron fist of world financial control.
To say that Hoenig has any power or even influence on current or future policy is to join in the charade. Throwing handfuls of sand at a granite wall is hardly serious policy comment. Only one statement from Hoenig would be considered serious and important: Abolish the Federal Reserve.
Absolutely correct. The Bernank is just a figurehead.
The Federal Reserve is the root of most of the corruption in this country. Get rid of the Fed and we start to cleanse the system.
"peanuts trickle down to the poor"
Have you seen the price of peanuts lately and how much they have risen in price? We should be so lucky to ...get.. peanuts.....
I am beginning to think that about 75% of all posts on ZH are for laughs only. If I am wrong about this, then we (the U.S., the world?) are in serious trouble--SHTF/TEOTWAWKI trouble--in an emergent/urgent sort of way. Do you honestly believe that there is some sort of imminent, systemic collapse in front of us in, say, the next two years? Is it economic/political/social? Is it being orchestrated by the NWO cabal or is it an accidental outcome of bad policy decisions and bad government? In such a collapse, would gold and silver be of any value whatsoever and, if you think so, why? Wouldn't farmland, fuel, guns, ammo, food, tools, seeds, livestock, defensive alliances with neighbors. . . be of much more value? If not, why not? If so, have you converted to that way of life? Maybe it is normalcy bias, but I just don't see it.
Paul is the most confused person I never met.
He knows something is wrong, but he keeps furrowing his brow and coming up empty.
Here's a hint Paul, Fiat Easing Deliberately
or how about
Fiat Everything Douchebags !
the bernank cannot change the fundamental nature of our money nor can he print oil.
Can't everyone just for a moment consider that sometimes things happen that are outside the control of men, or is that too scary to ponder?
Naw, that would be too rational... conspiracy theories are much more fun. It is always someone elses fault.
That's the dream. If they won't let the market control their actions, I'm all in favor of nature.
Agree. This isn't just an issue with America or the Fed (though they may have exacerbated the crisis). It is a global issue - too many competing for limited resources. How the world emerges out of this I do not know - but times are a changing. And they can change quickly. For my own personal survival I've learnt to hold a few contradictory views of the world - still participating as if things are still the same but at the same time preparing for an unknown future. A while ago Cog Diss wrote some excellent articles on (surprisingly) cognitive dissonance - time to re-read.
And when I feel depressed about the current state of affairs - there is always TED (we can do better). Most recent TED talk:
http://www.ted.com/talks/patricia_kuhl_the_linguistic_genius_of_babies.html
Whining sniviling bitchez you all are! Any one of you would do the same if you were in Ben's place. I say this as none of you are real men as red blooded men are of little words. This site is all talk.
Sit here and point the finger (most of you spend all day doing it) and then at the same time play this game of shorting the longs while betting against the trend of media bias that perpetuate the lies YOU ALL feed off so that you are protected - from that which you perpetuate.
F^@ktards - all of you.
Go out and dig a ditch for the shell that houses your soul as it is the least you can offer after feeding off that which you hate.
This site's title has made it clear what your efforts are worth. Yet you strive to understand - value - while you make nothing but rhetoric.
Buy something of value - like my art:
http://www.luminous-views.com
Oh and Tyler I know you will delete this as you are the ring leader of all these pussies and are unable to stand behind the avatar you represent. Spineless - yes you all have become words of no action.
At least that sick gay old 99'er guy killed himself cause could not be a man. How much longer till the rest of you fall to the same fate? Or will you DO something of - value?
Beautiful work, MJS. We lined the stairwell of our home in SMA with Giclee featuring the streets and doorways of San Miguel de Allende. regards CI
You take pictures for a living. Wow, there's a ton of value added to the economy. You pimp it on a financial site, because ,face it, who else will pay that much for a photograph?
What a dickhead. I can take my own pictures, thanks.
Forgive the mere term investment is what makes the economy turn. Not looking to get others what they may want and need through as much of our own efforts as possible.
I am not a dickhead either - I am a Cant Understand Normal Thinking. Remember that.
No, I'm pretty sure you're a dickhead and without basic composition skills. The term is not gender specific.
I have not hated on you personally as haters have their job as I am sure you think you are good at it.
I am just asking for solutions from an industry that makes nothing and making a point that as a group you are part of the problem.
What the f*&k do you contribute?
You insulted the entire blog and it's creator, making assumptions without attempting to determine any facts.
Many of the writers here, male and female, are small business owners, corporate officers, media journalists and like me, a farmer. There are many artists, construction workers, unemployed, managers and many others.
We all share (except the trolls) a desire to understand what is going on in the economy and government to protect our assets and see where new opportunities will present themselves in the future. We attempt to help each other with additional citations and information from diverse educational backgrounds.
Some contributors have a very short temper, others (me included) have very little desire to hear the kind of garbage you posted. They are not necessarily haters. When people are financially successful, they can develop attitudes.
I have an extensive education in Political Science and Economics. I hope I can contribute and try my best. You will rarely find any complete ansers here, but if you stick around, you will develop a better understanding of how the system works.
Most here,whether they profit it from it or not, will agree that the financial community exists to transfer wealth from the middle class. Most would love to see a system that functions better than the one we have, but it resolves nothing when you issue a broadside attack on the integrity of everyone here.
And parts of this community are participating in that transfer - as I am trying to just retain my value - in doing so I am just like the rest of you in a way.
So is my broadside attack worse than what this community perpetuates? The entire economic picture is on FIRE (Ellen Brown - Web of Debt). If this community is "artists, construction workers, unemployed, managers and many others" why don't they act like people in those real jobs? Why wont they stop playing with those who will never mark to market assets that do not exsist?
Don't get me wrong - this community I have just started to participate in - is just as culpable as those who they rail against if they are using any paper to gain wealth at this point.
This community presents many different value systems, including the liberty to be yourself. I am sure you're not suggesting we all have a standard value system created by a single authority?
Because of the diversity of opinion, you have the opportunity to educate yourself and choose which values are most important to you and then champion those values. Use them in your everyday investing decisions. I can assure you, there are many ways to protect your wealth without ever entering the large financial and corporate entities to plunk down your wealth. I know I never would.
More important, your willingness to use a reasonable argument before resorting to verbal violence will go a long way in framing the discussion in terms we can all enjoy.
Good luck with your portfolio.
+ thanks for rational thinking and logical argument @Sean7k
Thanks.
Some complain rational actors have left zerohedge leaving no valuable contributors, I disagree, exhibit A.. Hear, hear S7K
I've yet to meet a photographer with more than beans for brains. And the "sick gay old 99er" had breakfast just this morning.
So did he enjoy that breakfast at least?
Beans are worth more than what you probably offer folks.
Another mediot who does not understand the difference between democracy and constitutional republic. Also, Ayn Rand had nothing to do with Greenspan's reign at the Fed or the current economic policies. Is is really that hard to research history and write a decent piece anymore?
Democracy - 51% get to tell 99% of people what they can and cannot do. Republic - not even 99% of the people can tell 1% what they can and cannot do. Even if the Republic is in my head I know full well... you are talking about the writer of the article. Yes I admit to being an idiot
Admitting to being a photographer was sufficient.
My plan is to be happy. For the duration. And, then, remove the oxygen tank that's attached to the wheelchair, head for the landing, and go out with a bang, not a whimper.
But, then, who gives a shit if it's a whimper?
If you time it right you can create a pretty big bang with that oxygen tank as you go off the landing.
ok that was funny!
step one) bring the Fed under complete control of the US Treasury. Done under Bush, confirmed under Obama. Check
step two) support a policy in which money for capital investment, wealth, is channeled primarily through large institutions, like Goldman, rather than through smaller venture capital firms, and private placements. When the investment giants refuse to lend out that money, or they send hot money overseas, do nothing to correct the problem, as long as your measures of economic health, such as inflation, remain low, because flat screen TVs are cheap, but food and energy is expensive. When Goldman pays obscene bonuses, remain even less impressed. Interest rates are low, capital is available, and that capital will eventually lead to investment and economic recovery. Check
step three) Do one thing and say another. Say you support the dollar, while you put your boot on its throat. Say that wealth is created through credit, and other lies with a straight face. Destroy the free market, create a Centrally planned economy, and then celebrate when no one calls you a Marxist, or they call your boss a Marxist. Say you are printing money, then a few weeks later say you aren't printing money. Remember to say something for everyone, the public and the pundits only remember what they want to hear.
Great Comment, although a few more steps needed in no particular order.
- Secure as much oil as possible.
- Create instability in Europe
- Create instability in Asia, India and finaly China.
- Reduce world population as necessary, but not abruptly enough to depress profits.
Uh,......how does one put this........Egypt was not a revolution.
It was an engineered coup, by our friends the Bilderburgers, the Illuminati, the spooks in West Virginia, America's rulers that occupy the five sided building in D.C., or whatever group you want to claim was behind the coup.
From what I've read, Hosni hasn't even been ruling Egypt for about five years, it was his CIA approved underlings and those hand picked military boys running the show.
A true revolution requires a bit more crimson.
There's no way the oligarchy is gonna allow the Suez drainage ditch to fall into the hands of fundamentalists, Islamic or otherwise, not at this critical juncture in history.
they overthrew an 80 year old man, who had pretty well exhausted all the ways he could abuse his constituents. Next step is to villlify the Muslim Brotherhood, and move this revolution back to the center, which is where it was pretty much all along.
And yes Wikileaks was a CIA ploy. If that was the case, why were all these firms hired to descredit them:
http://www.independent.co.uk/news/world/americas/the-us-bank-and-the-secret-plan-to-destroy-wikileaks-2215059.html
I understand we live in a world of disinformation where it is hard, if not impossible, to determine what is true and what is false. But ... dismissing any positive news is just the same as ignoring the negative news.
An old line wrinkled and gray bondman from a fleeting generation of the same once told a eager hungry young rookie studying for his Series 7 brokerage license way back in 1984 that if ever the Glass Steagall Act was abolished by the political statist's in Washington, under the constant pressures put upon them by the conniving packs of bankster jackals, we would see in not to long a period of time the wheels come off the wagons of sound money and investment. That old-time Bondman was spot on.
Hic tamen vivit.....VIVIT!?!
I once replied a Nigerian scam e-mail "Die slowly, painfully, uncomprehendingly and among jubilant enemies."
Cancer in prison sounds right for Bernanke.
I wonder if Alan Stanford has AIDS yet?
http://www.dailymail.co.uk/news/article-1327421/Allen-Stanford-beaten-jail-inmates-awaits-trial.html
I hope that Bernanke gets to face the wrath of the populace. One thing the Chairidiot needs to keep in mind is that as the world burns with hunger as a consequence of his policies he and his rich bankers will have no place to land that plane of theirs. The man is the current day avatar of Ghengis Khan.
I love being a contrarian, reading ZH, Fleckenstein, Farrel, Tice--love them all.
If you want to lose your ass in a rigged roulette game/casino? Go short US equities.
The greatest confidence game in history in underway, and short of a 9-11 type event the market will not go down.
I love Bill Fleckenstein. I lost 2,000,000 drinking the "Fleck's" view and acting on it. I couldnt believe the market could get so overvalued! And, now? Dont underestimate the pump job they will put on this time around.
Suicide? Go short at 1350, 1370, 1390 before May. I dare ya'
All right, an explicit mention for Glass-Steagall. One baby step forward. Still a marathon ahead.
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Great article but unfortunately just another one outlining what we already know, when the hell are we going to do something about it? The time for articles and talking is over, you Americans need to stand up to this tyranny!